EFTA Document EFTA01459016

Letter to investors Everything remains different Markets should rise less in 2016 than they did in 2015. But there will not be much time for yawning. New opportunities will emerge for tactical investors. Twelve months ago, my predecessor, Asoka Wahrmann, headlined his outlook for 2015. "Diversification paramount in 2015 - Capital markets will get less monetary-policy oxygen in 2015". However, he added that: "In spite of divergent approaches, the central banks are like€y to remain suppo